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It is not true that there has been a secret protocol, reintroducing fixed exchange rates, though the lackluster price action in the foreign exchange market and the continued erosion of volatility make it feel almost like it. Activity in the week ahead should pick up and trading ranges are likely to expand. There are a number of important events and economic reports. The FOMC meeting, US employment data, the euro area flash CPI reading and the first look at Q1 GDP in several countries, including the US, UK and Spain should provide new incentives. That said, the general
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